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Constellation Energy Corporation (CEG) is the nation's largest producer of clean, emissions-free energy, with a diverse generation portfolio that includes nuclear, wind, solar, hydroelectric, and lower-carbon natural gas assets . The company operates through five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions, which include New England, South, West, and Canada . CEG's primary products are power sales and natural gas sales, with power sales further disaggregated by geographic region . The company also engages in wholesale and retail sales of natural gas, energy-related sales in the United Kingdom, and other energy-related products and sustainable solutions, although these activities are not significant to the overall results of operations .
- Power Sales - Provides electricity to distribution utilities, municipalities, cooperatives, and various customer segments across multiple geographic regions.
- Mid-Atlantic - Delivers power in the Mid-Atlantic region.
- Midwest - Supplies electricity in the Midwest region.
- New York - Offers power solutions in the New York area.
- ERCOT - Serves the Electric Reliability Council of Texas (ERCOT) region.
- Other Power Regions - Includes power sales in New England, South, West, and Canada.
- Natural Gas Sales - Engages in the wholesale and retail sales of natural gas to various markets.
- Energy-Related Products and Sustainable Solutions - Offers additional energy-related products and sustainability solutions, including activities in the United Kingdom, though these are not significant to the overall operations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bryan C. Hanson Executive | EVP and Chief Generation Officer | None | Leads CEG's generation operations; previously EVP and Chief Generation Officer at Exelon Generation; extensive experience in nuclear operations. | |
Daniel Eggers Executive | EVP and CFO | None | CFO of CEG since 2022; previously CFO of Exelon Generation and SVP of Corporate Finance at Exelon; expertise in corporate finance and investor relations. | |
David Dardis Executive | General Counsel and Chief Legal Officer | None | Oversees legal and policy matters; key contributor to regulatory strategies; joined Exelon in 2007 and transitioned to CEG in 2022. | |
James McHugh Executive | EVP and Chief Commercial Officer | None | Leads commercial operations; focuses on clean energy solutions and sustainability products; previously EVP and Chief Commercial Officer at Exelon Generation. | |
Joseph Dominguez Executive | President and CEO | None | CEO of CEG since 2022; previously CEO of Exelon Generation and ComEd; extensive experience in energy generation and regulatory affairs. | View Report → |
Kathleen Barrón Executive | EVP and Chief Strategy Officer | None | Oversees strategy, public policy, sustainability, and corporate development; key advocate for nuclear energy policies; joined CEG in 2022 after roles at Exelon. | |
Matthew Bauer Executive | SVP and Controller (Principal Accounting Officer) | None | Senior Vice President and Controller; no additional biographical details available. | |
Michael R. Koehler Executive | EVP and Chief Administration Officer | None | Oversees administrative and digital transformation initiatives; previously Chief Information and Digital Officer at Exelon. | |
Admiral John M. Richardson Board | Director | Director at Boeing, BWX Technologies, SparkCognition Government Systems, and Center for New American Security | Former Chief of Naval Operations; expertise in nuclear oversight and operational excellence. | |
Ashish Khandpur Board | Director | President and CEO of Avient Corporation; Dean's Advisory Board at University of Minnesota | CEO of Avient Corporation; expertise in engineering, innovation, and global operations. | |
Bradley M. Halverson Board | Director | Director at Sysco Corporation, Lear Corporation, and Satellogic, Inc.; Trustee at Easterseals Central Illinois Foundation | Former CFO of Caterpillar Inc.; expertise in accounting, corporate finance, and strategy. | |
Charles L. Harrington Board | Director | Director at J.G. Boswell Company, JBT Corporation, and Korn Ferry; Board Member at Cal Poly Foundation | Former CEO of Parsons Corporation; expertise in operations, finance, and strategy. | |
Dhiaa Jamil Board | Director | Trustee at Duke Energy Foundation; Chair of UNC Charlotte EPIC Advisory Board | Former COO of Duke Energy; extensive experience in nuclear energy and operations. | |
Eileen Paterson Board | Director | Director at Marathon Petroleum Corporation and Woodward, Inc. | Former CEO of Aerojet Rocketdyne; expertise in aerospace, defense, and governance. | |
Julie Holzrichter Board | Director | COO at CME Group; Board Member at National Futures Association | COO of CME Group; expertise in operations, financial management, and technology; joined CEG board in 2022. | |
Nneka Rimmer Board | Director | Director at Energizer Holdings, Wellness Pet LLC, and Wheel Pros LLC | Former President at McCormick & Company; expertise in M&A and global growth. | |
Peter Oppenheimer Board | Director | Director at Goldman Sachs (Chair of Audit Committee) | Former CFO of Apple; expertise in financial management and corporate strategy. | |
Robert J. Lawless Board | Chairman of the Board | Director at Operation Walk Canada, Teen Challenge Canada, and Habitat for Humanity | Former CEO of McCormick & Company; expertise in governance, strategy, and operations. | |
Yves C. de Balmann Board | Director | Executive Partner at Bridge Growth Partners; Director at ESI Group | Extensive experience in finance, risk management, and M&A; served on Exelon board for over 10 years. | |
Laurie Brlas | Former Board Member | Director at Albemarle Corporation, Graphic Packaging Holding Company, and Autoliv, Inc. | Resigned from CEG board effective December 31, 2024; previously Chair of Audit & Risk Committee. |
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With the recent FERC ruling rejecting Talend's ISA and the need for regulatory clarity on colocation, how confident are you in resolving these issues quickly to capitalize on the increasing demand from data economy customers, and what specific steps are you taking to address potential delays?
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Given that you expect 13% compounded growth through the end of the decade backed by federal support, can you elaborate on how potential capacity market challenges and delays in PJM auctions might impact your growth projections and strategic plans?
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As you have limited additional nuclear uprate capacity and high customer interest, how do you plan to manage the scarcity of this resource to maximize value without compromising on customer relationships or broader strategic objectives?
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With the emphasis on both front-of-the-meter and behind-the-meter solutions for data centers, how are you addressing the transmission configuration challenges and ensuring speed to market, especially in zones with potential transmission constraints like ComEd and PECO?
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Considering the reliance on capacity markets to incentivize demand response and new generation, how are you mitigating risks associated with potential market reforms, delayed auctions, and regulatory uncertainties that could hinder your ability to meet the growing power demand from electrification and the data economy?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Calpine Corporation | 2025 | Constellation Energy Corporation is acquiring Calpine via a cash and stock transaction—50 million new common shares, $4.5 billion in cash, and assuming about $12.7 billion in net debt—resulting in a total transaction value of approximately $16.4 billion and an enterprise value of $26.6 billion. The deal strategically enhances Constellation’s clean energy portfolio by combining its carbon-free energy production with Calpine’s low-emission assets, and is subject to several regulatory approvals as well as potential divestitures and a termination fee. |
NRG South Texas LP | 2024 | Constellation acquired a 44% undivided ownership interest in the 2,645 MW dual-unit South Texas nuclear plant (renamed Constellation South Texas, LLC) for a net cash price of $1.65 billion. This acquisition, which aligns with its clean energy operations, involved resolving litigation through a settlement that adjusted ownership stakes and included the transfer of decommissioning trust funds. |
EDF’s Interest in CENG | 2021 | Generation exercised a put option to acquire EDF’s 49.99% equity interest in CENG for a net purchase price of $885 million, including adjustments such as a $288 million deferred tax liability. The acquisition, requiring FERC and NYPSC approvals, led to full ownership of CENG and its subsequent declassification as a Variable Interest Entity. |
Recent press releases and 8-K filings for CEG.
- Reported solid Q1 2025 earnings with GAAP net income of $0.38 per share and adjusted operating earnings of $2.14 per share (vs. $2.78 and $1.82 in Q1 2024)
- Reaffirmed full-year Adjusted Operating Earnings guidance of $8.90–$9.60 per share
- The proposed Calpine acquisition/merger is expected to be EPS accretive, adding at least $2 in EPS and generating $2 billion in free cash flow before growth, on track for completion by year-end
- Management authorized a $1 billion share buyback while emphasizing resilient market fundamentals backed by nuclear PTC benefits and robust data economy demand
- Q1 performance featured 41 TWh of nuclear generation at a 94% capacity factor and approximately 46.8 TWh of emissions-free renewable electricity
- The Crane Clean Energy Center was selected for fast-track interconnection by PJM, signaling further strategic investments
- The earnings call included forward-looking statements on enhanced operational stability, strategic flexibility, and long-term growth through cost management